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Trending ETFs

Name

As of 06/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.57

$711 M

6.31%

$0.60

0.76%

Vitals

YTD Return

4.1%

1 yr return

7.6%

3 Yr Avg Return

2.4%

5 Yr Avg Return

2.6%

Net Assets

$711 M

Holdings in Top 10

18.4%

52 WEEK LOW AND HIGH

$9.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.76%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 95.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$5,000

IRA

$2,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.57

$711 M

6.31%

$0.60

0.76%

PYARX - Profile

Distributions

  • YTD Total Return 4.1%
  • 3 Yr Annualized Total Return 2.4%
  • 5 Yr Annualized Total Return 2.6%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.96%
DIVIDENDS
  • Dividend Yield 6.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Payden Absolute Return Bond Fund
  • Fund Family Name
    Paydenfunds
  • Inception Date
    Nov 06, 2014
  • Shares Outstanding
    N/A
  • Share Class
    Investor
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Brian Matthews

Fund Description

ª
The Fund’s absolute return strategy seeks to have positive absolute returns over the long term, regardless of different market environments. To achieve this goal, the Fund seeks to provide total return, whether through price appreciation, or income, or a combination of both. It seeks opportunities by employing a flexible approach that evaluates security attractiveness globally, both inside and outside the U.S. Downside risk protection is a part of the strategy, but there is no guarantee or implication that negative returns will be avoided.
ª
Under normal market conditions, the Fund will invest at least 80% of its investable assets (net assets plus borrowing for investment purposes, if any) in bonds or investments that provide exposure to bonds. Investments in “bonds” may include, but are not limited to (1) debt securities issued or guaranteed by the U.S. Government, and foreign governments and their agencies and instrumentalities, political subdivisions of foreign governments (such as provinces and municipalities), and supranational organizations (such as the World Bank); (2) debt securities and commercial paper issued by U.S. and foreign companies; (3) U.S. and foreign mortgage-related securities, including collateralized mortgage-backed obligations, credit risk transfer securities and commercial mortgage-backed obligations; (4) U.S. and foreign asset-backed debt securities, including collateralized debt obligations and collateralized loan obligations; (5) loans, including floating rate loans; and (6) municipal securities, which are debt obligations issued by state and local governments, territories and possessions of the United States, regional governmental authorities, and their agencies and instrumentalities, the interest on which may, or may not, be exempt from Federal income tax.
ª
The Fund may also invest in (1) convertible bonds, contingent convertible bonds and preferred stock; (2) real estate investment trusts; and (3) master limited partnerships. In evaluating these types of investments, Payden seeks instruments consistent with the income generating focus of the Fund.
ª
The Fund invests in both investment grade debt securities and securities rated below investment grade. Investment grade debt securities are rated within the four highest grades by at least one Nationally Recognized Statistical Rating Organization, or are securities that the Fund’s adviser, Payden & Rygel (“Payden”), determines to be of comparable quality.
ª
The Fund will invest in both developed and emerging markets. In making these investments, the Fund invests in securities payable in U.S. dollars and foreign currencies. The Fund may hedge this foreign currency exposure to the U.S. dollar. However, the Fund may also choose to have currency exposure through outright currency purchases unrelated to a foreign currency-denominated security.
ª
To gain exposure to various markets consistent with the investment strategies of the Fund, the Fund may invest in exchange-traded funds (“ETFs”) and other investment companies, including for example, other open-end or closed-end investment companies, and including investment companies for which the Adviser provides investment management services (affiliated funds).
ª
The Fund may invest in many different types of derivatives, such as futures, forwards, swaps and options. These positions may be used for the purposes of either hedging currency exposure in the portfolio or to obtain exposure to various market sectors. Currency positions may be employed for the purposes of hedging non-dollar denominated bonds or to take an active position in a currency, both long or short.
ª
The Fund invests in debt securities of any maturity, and there is no limit on the Fund’s minimum or maximum average portfolio maturity. Maturity is the date when each bond or other debt security pays back its principal. In addition, there may be circumstances when the duration of the Fund is negative to protect against rising interest rates. Duration is an analytic measure of the Fund’s sensitivity to interest rate movements. The absolute return nature of the Fund will generally lead to durations that are between negative 2 years and positive 5 years.
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PYARX - Performance

Return Ranking - Trailing

Period PYARX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.1% -7.8% 12.7% 13.81%
1 Yr 7.6% -10.8% 28.4% 44.76%
3 Yr 2.4%* -18.0% 16.2% 15.87%
5 Yr 2.6%* -14.2% 14.4% 32.72%
10 Yr N/A* -13.8% 6.5% N/A

* Annualized

Return Ranking - Calendar

Period PYARX Return Category Return Low Category Return High Rank in Category (%)
2023 0.9% -12.0% 15.7% 76.13%
2022 -6.1% -31.8% 18.4% 14.86%
2021 -1.1% -26.6% 25.7% 39.68%
2020 0.2% -49.2% 18.7% 64.58%
2019 2.2% -35.1% 15.3% 77.49%

Total Return Ranking - Trailing

Period PYARX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.1% -7.8% 12.7% 13.81%
1 Yr 7.6% -10.8% 28.4% 44.76%
3 Yr 2.4%* -18.0% 16.2% 15.87%
5 Yr 2.6%* -14.2% 14.4% 32.72%
10 Yr N/A* -13.8% 6.5% N/A

* Annualized

Total Return Ranking - Calendar

Period PYARX Return Category Return Low Category Return High Rank in Category (%)
2023 6.2% -7.0% 22.2% 77.49%
2022 -2.7% -31.8% 21.1% 15.63%
2021 1.1% -13.5% 49.9% 64.48%
2020 2.8% -28.6% 24.1% 73.96%
2019 5.5% -4.8% 19.1% 80.86%

NAV & Total Return History


PYARX - Holdings

Concentration Analysis

PYARX Category Low Category High PYARX % Rank
Net Assets 711 M 2.53 M 143 B 47.20%
Number of Holdings 334 2 9868 59.76%
Net Assets in Top 10 133 M -204 M 70.2 B 55.18%
Weighting of Top 10 18.42% 5.1% 271.9% 76.65%

Top 10 Holdings

  1. United States Treasury Inflation Indexed Bonds - When Issued 5.01%
  2. United States Treasury Note/Bond 4.89%
  3. Payden Cash Reserves Money Market Fund 2.02%
  4. Payden Emerging Markets Local Bond Fund 1.44%
  5. Brazil Letras do Tesouro Nacional 0.99%
  6. Palmer Square Loan Funding 2022-2 Ltd 0.84%
  7. Connecticut Avenue Securities Trust 2019-R01 0.83%
  8. Wells Fargo Co 0.81%
  9. JPMorgan Chase Bank NA - CACLN 0.80%
  10. Carvana Auto Receivables Trust 2023-P1 0.79%

Asset Allocation

Weighting Return Low Return High PYARX % Rank
Bonds
80.73% 0.00% 215.76% 67.38%
Other
15.60% -66.66% 153.75% 17.53%
Stocks
2.61% -4.18% 99.84% 30.03%
Cash
2.02% -94.66% 100.00% 65.85%
Convertible Bonds
0.65% 0.00% 33.50% 61.19%
Preferred Stocks
0.00% 0.00% 28.28% 89.33%

Stock Sector Breakdown

Weighting Return Low Return High PYARX % Rank
Utilities
0.00% 0.00% 100.00% 28.45%
Technology
0.00% 0.00% 28.30% 6.49%
Real Estate
0.00% 0.00% 100.00% 26.99%
Industrials
0.00% 0.00% 100.00% 20.29%
Healthcare
0.00% 0.00% 18.60% 15.27%
Financial Services
0.00% 0.00% 100.00% 25.10%
Energy
0.00% 0.00% 100.00% 29.92%
Communication Services
0.00% 0.00% 100.00% 47.91%
Consumer Defense
0.00% 0.00% 99.97% 12.55%
Consumer Cyclical
0.00% 0.00% 89.95% 17.36%
Basic Materials
0.00% 0.00% 100.00% 22.38%

Stock Geographic Breakdown

Weighting Return Low Return High PYARX % Rank
US
2.61% -4.11% 99.84% 28.81%
Non US
0.00% -0.07% 17.73% 83.54%

Bond Sector Breakdown

Weighting Return Low Return High PYARX % Rank
Securitized
42.79% 0.00% 99.65% 19.97%
Corporate
17.34% 0.00% 96.66% 72.33%
Government
6.57% 0.00% 99.43% 63.68%
Cash & Equivalents
2.02% 0.00% 99.66% 64.22%
Municipal
0.00% 0.00% 54.26% 87.74%
Derivative
-0.88% -66.66% 153.75% 94.04%

Bond Geographic Breakdown

Weighting Return Low Return High PYARX % Rank
US
72.27% 0.00% 215.76% 58.38%
Non US
8.46% 0.00% 69.85% 33.84%

PYARX - Expenses

Operational Fees

PYARX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.76% 0.03% 20.67% 78.12%
Management Fee 0.50% 0.00% 2.29% 27.08%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.00% 0.70% 73.83%

Sales Fees

PYARX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

PYARX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PYARX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 95.00% 0.00% 632.00% 62.80%

PYARX - Distributions

Dividend Yield Analysis

PYARX Category Low Category High PYARX % Rank
Dividend Yield 6.31% 0.00% 23.30% 45.17%

Dividend Distribution Analysis

PYARX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annual Monthly Monthly

Net Income Ratio Analysis

PYARX Category Low Category High PYARX % Rank
Net Income Ratio 1.96% -1.55% 11.51% 80.19%

Capital Gain Distribution Analysis

PYARX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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PYARX - Fund Manager Analysis

Managers

Brian Matthews


Start Date

Tenure

Tenure Rank

Nov 06, 2014

7.57

7.6%

Brian Matthews, CFA, is a managing principal and the chief financial officer at Payden & Rygel, and is a member of the Executive Committee of the board of directors. Matthews is a member of the firm’s Investment Policy Committee and serves as a senior portfolio manager advising institutional clients, including corporations, pension funds, insurance companies and foundations and endowments. He is a director of Metzler/Payden LLC, the firm’s joint venture with Metzler Bank of Frankfurt, Germany. Matthews is also co-chairman of Payden/Kravitz LLC, a joint venture specializing in cash balance retirement plans. Prior to joining Payden & Rygel, Matthews was an investment officer at Brown Brothers Harriman & Company in New York, where he was responsible for managing fixed-income portfolios and asset/liability management. Matthews is a member of the CFA Society of Los Angeles, the CFA Institute and the Investment Counsel Association of America, Inc. He is past chairman of the board of directors for the Boy Scouts of America Los Angeles Area Council and serves on the board of directors for Oaks Christian School, St. Anne’s, Kids in Sports, and the board of visitors for Pepperdine University and is a board member of the Patron of the Arts in the Vatican Museums. Brian Matthews holds the Chartered Financial Analyst designation. He earned a BS in Economics at the University of Notre Dame.

Michael Salvay


Start Date

Tenure

Tenure Rank

Feb 28, 2020

2.25

2.3%

Michael Salvay, CFA, is a Managing Principal at Payden & Rygel. He is a member of the firm’s Investment Policy Committee and serves as Senior Portfolio Manager advising public pension plans, endowments and universities and corporations. He directs the core bond architecture group and has extensive experience in developing customized mandates for active and passive index replication portfolios as well as hedging programs. Salvay is also a trustee of The Payden & Rygel Investment Group, the sponsor of the Paydenfunds, for which Payden & Rygel is the investment advisor. Prior to joining Payden & Rygel, Salvay was a Senior Portfolio Manager at Dewey Square Investors in Boston, where he specialized in mortgage-backed securities and duration immunization strategies. Michael Salvay holds the Chartered Financial Analyst designation and is a member of the CFA Institute. He earned an MBA from the Amos Tuck School at Dartmouth College and a BA in Economics from the University of California, San Diego.

Mary Syal


Start Date

Tenure

Tenure Rank

Feb 28, 2020

2.25

2.3%

Mary Beth Syal, CFA, is a managing principal at Payden & Rygel and a member of the Executive Committee of the board of directors. Syal is a member of the firm's Investment Policy Committee. She directs the firm‟s low duration strategies and also serves as a senior portfolio manager advising corporations, insurance companies and family offices. She is a trustee of The Payden & Rygel Investment Group, the sponsor of the Paydenfunds, for which Payden & Rygel is the investment adviser. Prior to joining Payden & Rygel, Syal was a portfolio manager and strategist at Amervest Company, Inc., where she was the co-chair of the Investment Strategy Committee. Mary Beth Syal is a member of the CFA Society of Los Angeles and the CFA Institute, the Los Angeles Association of Investment Women. In addition, she serves on the Investment Committee of the Western Province of the Religious of the Sacred Heart of Mary and is a member of the Investment Review Committee for St. Joseph Health System. Syal holds the Chartered Financial Analyst designation. She earned a BA degree in Government from Smith College in Northampton, Massachusetts.

James Wong


Start Date

Tenure

Tenure Rank

Feb 28, 2020

2.25

2.3%

James Wong, CFA, is a Managing Principal and portfolio manager who has been with Payden & Rygel since 1995. He has worked with the two products since their inception. Wong has over 15 years of equity portfolio management experience, during which he has managed the breadth of equity styles and market capitalizations. He has extensive experience managing long/short portfolios, creating hedging strategies using derivatives and developing customized investment solutions for client specific needs. Wong is also a member of the Investment Policy Committee. Prior to joining Payden & Rygel, Wong was a trader at the Union Bank of Switzerland where he focused on mortgage-backed securities. Previously, he was in the mergers and acquisitions group at Salomon Brothers Inc., focusing on financial institutions. Wong holds the Chartered Financial Analyst designation and the FINRA series 7, 3 and 63 licenses. He earned an MBA degree from The Anderson School at the University of California, Los Angeles with an emphasis in finance. Wong received a BS degree in Finance from The Wharton School at the University of Pennsylvania.

Eric Souders


Start Date

Tenure

Tenure Rank

Feb 28, 2020

2.25

2.3%

Eric Souders, CFA®, is a Director and portfolio manager on the global unconstrained fixed income team with a focus on absolute return solutions. In this capacity, he is responsible for idea generation, strategy implementation, and risk management. Prior to joining Payden & Rygel, Souders worked as a Portfolio Manager at Guggenheim Partners, focusing on multi-sector and structured product dedicated strategies. In addition, he worked as a Portfolio Manager at Blackrock, focusing on investment-grade corporate credit strategies. Previously, he worked at BNY Mellon in their Wealth Management division. Eric Souders holds the Chartered Financial Analyst® designation, and is a member of the CFA® Society of Los Angeles and the CFA® Institute. He earned a BA in Business-Finance at California State University, Fullerton.

Nigel Jenkins


Start Date

Tenure

Tenure Rank

Feb 28, 2022

0.25

0.3%

Nigel Jenkins is a Managing Principal and portfolio manager who has been with Payden & Rygel since 2006. who is responsible for the management of UK and European benchmarked fixed-income and money market portfolios. Prior to joining Payden & Rygel, Jenkins was a founding partner of Centric Capital LLP, a fixed-income and currency hedge fund focusing on quantitative methodologies. Previously he was head of global fixed-income at WestLB, and a director of the fixed income & currency group at Rothschild Asset Management, both in London. Jenkins holds the ASIP designation of the UK Society of Investment Professionals, a member society of the CFA Institute. He earned a MA degree in Economics from the University of Cambridge.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.72 3.19